Economic Growth Vs. Economic Development:

Economic Growth is a narrower concept than economic development.

It is an increase in a country's real level of national output which can be caused by an increase in the quality of resources (by education etc.), increase in the quantity of resources & improvements in technology or in another way an increase in the value of goods and services produced by every sector of the economy. Economic Growth can be measured by an increase in a country's GDP (gross domestic product).

Economic development is a normative concept i.e. it applies in the context of people's sense of morality (right and wrong, good and bad).

Michael Todaro’s view: “Economic development is an increase in living standards, improvement in self-esteem needs and freedom from oppression as well as a greater choice”.

The most accurate method of measuring development is the Human Development Index which takes into account the literacy rates & life expectancy which affects productivity and could lead to Economic Growth.

Comparison chart
Economic Development Economic Growth
Implications Economic development implies changes in income, savings and investment along with progressive changes in socio-economic structure of country (institutional and technological changes). Economic growth refers to an increase in the real output of goods and services in the country.
Factors Development relates to growth of human capital indexes, a decrease in inequality figures, and structural changes that improve the general population's quality of life. Growth relates to a gradual increase in one of the components of Gross Domestic Product: consumption, government spending, investment, net exports.
Measurement Qualitative.HDI (Human Development Index), gender- related index (GDI), Human poverty index (HPI), infant mortality, literacy rate etc. Quantitative. Increases in real GDP
Effect Brings qualitative and quantitative changes in the economy Brings quantitative changes in the economy
Relevance Economic development is more relevant to measure progress and quality of life in developing nations. Economic growth is a more relevant metric for progress in developed countries. But it's widely used in all countries because growth is a necessary condition for development.
Scope Concerned with structural changes in the economy Growth is concerned with increase in the economy's output